VANCOUVER, May 13, 2013 /CNW/ - Curis Resources Ltd. ("Curis" or the
"Company") (TSX:CUV) announces that it has arranged a $6 million
non-brokered private placement financing, pursuant to which Curis will
issue 6,818,182 common shares in the capital of Curis ("Shares") at a
price of $0.88 per Share, in equal portions to two unrelated
subscribers, Sino-Canada Natural Resources Fund I and Sino Canada
Zheshang Mining Investment Limited.
"The financing has been arranged at a premium to current market prices at
a time when many companies in the mining industry are having
significant challenges raising capital," commented Michael McPhie, President and CEO of Curis. "This investment is a strong indication of support and confidence in the
management and future prospects of Curis and our flagship Florence
Copper project. The funding provides Curis with additional resources
to advance Florence Copper through the final stage of project
permitting for our first phase of development as well as working
capital to support the ongoing growth and development of the Company."
"This investment matches our fund's investment strategy in Canada's
natural resources sector," indicated Thomas Lau, Managing Partner of Sino-Canada Natural Resources
Fund I. "The Sino-Canada Natural Resources Fund will keep supporting Curis to
reach commercial production in the near term."
Proceeds from the private placement will be used to advance the
development of the Company's flagship in-situ copper recovery project
in Florence, Arizona and for general working capital. A finder's fee
is payable in cash to an arm's length party based on the gross proceeds
of the private placement. The private placement is subject to the
final approval of the Toronto Stock Exchange.
Curis Resources Ltd. is a mineral development company associated with
Hunter Dickinson Inc., a diversified global mining company with a
25-year history of mineral development success. Curis is focused on
the acquisition, development and operation of high-quality
next-generation copper properties in progressive jurisdictions around
the world. It is currently focused on advancing its 100% owned
Florence Copper Project in Arizona, USA to near-term production.
About Sino-Canada Natural Resources Fund I
Sino-Canada Natural Resources Fund I is a private equity fund focused on
investments in Canadian listed and private companies that develop and
operate natural resource projects (mining, oil & gas, forestry)
worldwide. Sino-Canada Fund is managed in Hong Kong on behalf of
private and institutional investors from China.
For more project-level information, sign up to receive News and Updates from the Florence Copper website.
President & CEO
No regulatory authority has approved or disapproved of the information
contained in this news release.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the company
expects are forward-looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include fluctuations in market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary environmental, land use and
other permits, approvals, licenses and title on a timely basis and
delays due to third party opposition, changes in government policies
regarding mining and natural resource exploration and exploitation, the
final outcome of any lawsuits, the continued availability of capital
and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. For
more information on the Company, investors should review the Company's
continuous disclosure filings that are available at www.sedar.com.
SOURCE: Curis Resources Ltd.
For further information:
Manager, Investor Relations